DEBSWANA DIAMOND COMPANY (PROPRIETARY) LIMITED

Overview: Debswana, a 50/50 joint venture between the GRB and De Beers comprises two of the world’s most valuable diamond mines,

Jwaneng and Orapa Regime

*Based on the Anglo American Ore Reserves and Mineral Resources Report 2015 2

Orapa Minec.2,300 employees

c.2,000 contractors

2015 production 9.9m carats

Life of Mine 2029*

Reserves 151.4M¢; 171.9Mt*

Resources 365.0M¢; 370.0Mt*

Damtshaa Minec.300 employees

2015 production 0.2m carats

Life of Mine 2032*

Reserves 4.7M¢; 25.1Mt*

Resources 6.1M¢; 23.3Mt*

Jwaneng Minec.2,000 employees

c.3,000 contractors

2015 production 9.8m carats

Life of Mine 2035*

Reserves 149.2M¢; 113.0Mt*

Resources 224.0M¢; 250.9Mt*

Debswana Corporate

Centre (Gaborone)

Letlhakane Minec.400 employees

2015 production 0.5m carats

Life of Mine 2040 (tailings)*

Reserves 8.5M¢; 35.4Mt*

Resources 21.1M¢; 76.2Mt*

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4

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Orapa

Regime

Albert Milton

GM

Jwaneng Mine

Lynette Armstrong

CFO

Bokani Motlhabani

GM

OLDM

Esther Kanaimba- Senai

Head of CA

Bonny Thebenyane

Head of Secretarial &

Legal

Ntoti Mosetlhe

Head of HR

Keith Blanchard

Head of Tech Services

Lephimotwe Boyce Sebetela

Head of Strategy and BI

Balisi Bonyongo

MD

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Our company leadership live our values by setting the highest standards, encouraging innovation and pursuing brilliance in all areas, while

creating a great place to work

Rory Greyvensteyn

Snr Manager Mining-Projects

Sed Serumola

Snr Ore Processing Manager

Philip Lisindi

Snr Finance Manager

Tshepang Mazwigwila

Snr HR Manager

Dr Mwamba Nsebola

Hospital Superintendent

Kean McCallum

Snr MRM Manager

Thatayaone Keitumetse

Snr Security Manager

Albert Milton

GM

Tumelo Ntlhayakgosi

Snr S&SD Manager

Neville Pollard

Snr Engineering Manager

4

Jwaneng Mine management is committed to making Jwaneng the world’s leading diamond mine in every respect

KoolatotseKoolatotse

Snr Mining Manager

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

0

10

20

30

40

50

60

70

80

90

100

2010 2011 2012 2013 2014 2015 2016

Fatal LTI RWI LTIFR CIFR TRIFR

Safety Performance 2010-2016Debswana (Jwaneng, OLDM and DCC)

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Safety: our focus is to achieve zero harm at our operations through our behaviour-based programmes and focus on critical controls

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Meeting shareholder and customer needs: Debswana continues to improve its efficiency and is delivering strong shareholder returns.

Debswana’s performance is crucial for the GRB, as the Botswana economy relies on diamond revenues

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1112 12 12 13

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9

1110

8

10

11

10

0

5

10

15

20

25

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

20152011 2012 2013 201420102009

GDP

(US$bn)

OLDM

carats

Jwaneng

carats

* Data Source: Debswana and World bank

Production down 9% in H1 2016 with planned reductions at Orapa (plant 1 on partial care and maintenance) and Damtshaa (on care and maintenance)

Jwaneng LetlhakaneOrapa Damtshaa7

Production: In 2015 Debswana reduced production in line with demand

0.9

1.1

1.0

1.6

1.1

12.0

11.8 3.1

2.1

10.9

Mct

5.7

1.9

4.0

6.2

2.8

5.4

2.0

4.5

4.0

1.5

0.3

0.3

Q3

2016

-9%

H2

2015

4.5

H1

201511.5

0.1

0.2

H1

201610.5

Q3

20154.1

0.28.8

0.1

0.1

Jwaneng Mine Resource: nicknamed the “Prince of mines”, Jwaneng Mine has one of the richest kimberlite ore bodies, by value,

in the world

Jwaneng Mine Pit

• 1.4km width

• 2km length

• ≈410m deep

• Three main pipes (Centre, North and South)

• Life of mine 2035*

• Open pit reserves 149.2M¢ from 113Mt of ore, grade 132.0cpht(1)

• Open pit resource 207.5M¢ from 187.5Mt of ore, grade

110.7cpht(1)

• Cut-6/7 and 8

• Cut-8 accounts for 93M¢ from 84Mt of ore

• Tailings 16.5M¢ from 35.8Mt of ore

• Average revenue per carat H1 2016 US$196/¢ (100% of SSV)

• Average cash cost per carat recovered H1 2016 US$19/¢(2)

• Anglo American operating model launched at Jwaneng in September

2016

• Potential life extension projects post Cut-8 to extend life of mine to well

beyond 2040

*Based on the Anglo American Ore Reserves and Mineral Resources Report 2015 (1) Cpht = carats per hundred tonnes of ore

(2) Total cash cost per carat recovered ($/ct). This represents the total production and operating costs before operating special items (excluding

depreciation and capex), divided by carats recovered

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Jwaneng

Operating model

Improved scheduling and resourcing of planned activities resulting in

improved operational stability and efficiency

• YTD pula/tonne cost moved 10% favourable to target

• YTD production cash costs 10% favourable to target

Operational efficiency

Improved pit conditions and standards

• Tyre life 17% improvement versus 2015

• Shovel t/h 10% improvement versus 2015

• Truck ton-km/hr 10% improvement versus 2015

Total opex savings YTD

• Efficiency improvements – US$11 million

• Cut-9 waste dump redesign – US$14 million

• Cut-8 schedule optimisation – US$5 million

• Cut-8 North east corner rates – US$4 million

• Cut-8 contractor management (tyres) – US$8 million

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Cash Containment: By focusing on operational efficiencies and other cost containment opportunities, management has saved US$60

million (100% basis) YTD October 2016, of which US$42 million is from Jwaneng

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Jwaneng efficiency improvements

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+12%

2016

YTD

1,700

1,672

2015

1,514

Shovels (t/hr)

-0.1

2015

4.2

2016

YTD

-17%

3.5

3.6

213

2015

5,787

6,000

2016

YTD

+21%

4,940

Average tyre life (hours)Loading cycle (mins)

Target

Actual Actual

Target

Actual

Target

Jwaneng

• Cut-8: ~80% of the 500 million tonnes of waste stripping required to expose first ore (in 2017) has been mined

• Jwaneng tailings plant commissioned in 2014, increasing flexibility

9,764

7,6037,695

6,199

4,2534,855

0

2,000

4,000

6,000

8,000

110,000

Carats recovered

(cts ‘000s)

53,066

109,813

Waste mined

(tonnes ‘000s)

Tonnes treated

(tonnes ‘000s)

Ore mined

(tonnes ‘000s)

FY 2015

H1 2016

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Jwaneng Cut-8 approaching first ore in 2017

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Capex overview (100% basis)

US$m

Waste capitalised driven by Jwaneng Cut-8 SIB driven by Orapa

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US$mUS$m

205

215

95

15

25

FY 2014

OrapaJwaneng

H1 2016 961

FY 2015 240

220 82

72

21

146

110

39

11

17

79

13

19

318

OrapaJwaneng OtherMorupule

H1 2016 812

FY 2015 212

FY 2014

81

212

318

96

240

220

43

72

57

H1 2016 220

FY 2015 524

FY 2014 595

ExpansionaryStay in Business (SIB) Waste

Capital funding is based on the same pre-tax profit share of GRB 80.8%:19.2% De Beers

Capex evolution

Capitalised waste will tail off as the Jwaneng Cut-8 stripping ratio declines, with first ore achieved in 2017. With long life of mines, stay in business capital expenditure will remain

relatively stable over the medium term, following a short term increase related to Cut-8 once first ore is reached. Current approved expansion project expenditure will tail off as projects

reach completion, including the Letlhakane tailings facility in 2017. Potential expansion opportunities post Jwaneng Cut-8 and Orapa Cut-2 may result in increased capital expenditure,

once studies reach an acceptable level of confidence. 12

Investing in the future: development for future production through waste capitalisation forms a major part of capital expenditure, primarily

at Jwaneng

Jwaneng Modular Tailings Plant

Commissioned in 2014

A total of US$103m (100% basis) worth of CAPEX

incurred in the development of the plant

Processes old tailings deposited between 1982 and

1992

Processes up to 2 million tonnes, recovering up to

900,000 carats per annum

Offers flexibility to increase or reduce production to

respond to changes in the market

Payback period = 3-4 years (from first capital)

Letlhakane Modular Tailings Plant

Funding for construction approved in Nov 2014

A total of US$236m worth of CAPEX will be incurred

in the development of the plant

Construction started in Q1 2015 and will be

commissioned by end of Q2 2017

Recovers diamonds from tailings through the use of

new and improved recovery technologies

Capacity of up to 800,000 carats per annum

Extends the life of the mine by 20 years

Payback period = 2-3 years (from first capital)13

Production flexibility: Tailings Processing Plants provide ability to respond effectively to market conditions at lower cost

Diamond Trading Company Botswana Aquarium Tailings dumps and slimes dams

Orapa, Letlhakane and

Damtshaa Mines Sources 14

Open pit Main treatment plant Recrush plant

Your tour: Following the diamonds